Emerging Trend in International Business Theory and Policy
AbstractThe international trade in the XXI century has been strongly affected by the force of the economic crisis and COVID-19. The changes are evident in the growing importance of international trade to national economies and to domestic groups within those economies, in the closer linkages between trade and other international issues. Different positions of the member states of the World Trade Organization (WTO) especially developed and developing countries and also USA, the European Union and Japan representatives were observed during the Doha Round of trade negotiations under the WTO. The problems of agriculture protection in the developed countries for example in the European Union and USA and also in the developing countries, were becoming a serious obstacle during the negotiations. Despite the undeniable benefits of the multilateral WTO forum for trade liberalization, the rapid increase of North-South bilateral and multilateral Free Trade Areas (FTAs) begs a systematic explanation for why some forums are prioritized relative to others. The main aim of the article is the presentation of emerging trend in international business theory and policy. The article presents the mercantilist tendencies in the international trade policy, the theory of public choice in the foreign trade policy, protectionist pressures in different political systems, the level of protectionist pressures, food producers pressure and conflicts between the tendencies to sustainable international trade liberalization and environmental protection, the increasing importance bilateral agreements in the foreign trade policy, international economy in the time of COVID-19.
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